WorldRemit launches online money transfer service to Ethiopia

New service enables Ethiopian diaspora to send money back home using a variety of payment options

London and Addis Ababa - 28 July 2011:WorldRemit, a leading online money transfer business, has launched an online money transfer service that enables the Ethiopian diaspora to send money back home using a variety of payment options including debit cards, credit cards and Interac Online (Canada).

In partnership with the Commercial Bank of Ethiopia (CBE), the largest bank in the country with more than 390 branches, the new service enables customers to send money from the privacy and convenience of their home or office, 24/7. All they require is Internet access, eliminating the need to take time off to visit an agent location.

"With fees starting as low as £2.50 (or $4 in Canada) for transfers of up to $100 and best foreign exchange rates, we offer more competitive prices than informal networks that traditionally dominated this corridor," said Ismail Ahmed, CEO of WorldRemit.

Recipients can collect cash from any of CBE's 390 plus branches in Ethiopia, including more than 80 payout locations in Addis Ababa. As soon as a transaction is processed, the recipient gets an SMS on their mobile phone notifying them that they can pickup cash from the nearest branch.

"We are excited about our partnership with WorldRemit which further extends the range of money transfer services available to Ethiopian diaspora members who regularly send money back home," said Haimanot Amare, Director-Foreign Transfer and NR/NT Accounts, Commercial Bank of Ethiopia. "The collaboration accelerates our strategy to expand our global money transfer network and range of services available to the diaspora."